liquidity. Albert Dodd confirmed this to the
board, reporting that of thesixty contracts for which the company had
tendered over the previous two years, forty-nine had been lost on price
alone.16 Above all, customers were increasingly nervous about placing significant orders with Ferranti International, given the intensifying rumours of
either its impending break-up or complete closure.
Another emerging problem was the loss of key staff, for example at highly
successful activities such as simulation and training. As Ian Ball stated, ‘either
by redundancy, transfer or re
family control of the chaebols by requiring enforcement on inheritance tax, among other things.
As for the sixth to thesixty-fourth chaebols (or the so-called 6–64 chaebols),
restructuring has been carried forward through the “voluntary workout
program.” These workouts have been nominally organized around the
The Asian ﬁnancial crisis
so-called London rules, a voluntary extra-judicial process under which banks
reschedule debt obligations in return for restructuring plans that include asset
sales, closure of business lines, and other operational and organizational